How do hard money loans work?
Hard money loans are an alternative financing solution for individuals or investors who wish to make a real estate purchase without using a traditional loan. The funds will then come from lenders who will use the property as collateral for the loan, in other words if the borrower can no longer make the payment, the property can be used as payment.
Hard money loans are usually short-term loans that last anywhere between 1 and 3 years. They can be approved and paid out in a matter of days sometimes, so they’re a good solution for investors who need money quickly to act fast on a property deal. Hard money loans typically have higher interest rates than traditional loans, which means that a short loan is a better idea as well.
- Land Loans
- Investment Property Loans
- Refinancing A Property
- Renovating A Property
- Fix & Flip strategy
- Fix & Rent strategy
- Hard Money Construction Loans
